Clearlake Capital Group LP has closed a deal for a division of Archer Ltd. for $244 million.
The purchase includes Archer’s North American rental and tubular division, which provides oil and gas equipment, tubing running products and rental drilling services to exploration and production companies in the U.S. and Gulf of Mexico.
Clearlake made the purchase through a new company, called IronGate Energy Services, a provider of rental and tubular services to oil and natural gas explorers in North America.
The deal was announced May 22.
There have been many M&A deals between the companies that provide services to the oil and gas industries lately. In June, Odyssey Investment Partners LLC bought Cross-Country Pipeline Supply Co. Inc., which provides equipment and supplies to oil and gas companies. In June, Emcor Group Inc. (NYSE: EME) agreed to buy RepconStrickland Inc., which provides services to refineries.
In January, the private equity firm closed its third fund with $785 million in equity commitments.